Choose a Life Policy For Middle Age and Beyond
Can a person in their middle years or senior years still buy life insurance? If you are over 50, or if you are caring for an older person, you can find a wide choice of products. Since statistics show that Americans are living longer and healthier lives, insurers are willing to extend affordable coverage to older people. Most middle aged and older people can still find life insurance policies.
You may wonder why an older person would want to have coverage anyway. At 30 years old, we are told to buy a term policy. The theory is that we will be able to self-insure with our savings by the end of that term in 20 or 30 years. We are also told we will have less obligations to cover. Our kids should be grown and self supporting. Our mortgages should be paid off. And when we are young, that term policy seems like it will last forever anyway.
But these days, many of us found that the theory did not prove out for us. Our kids did not manage to become totally self supporting as fast as we thought they would. Sometimes those kids come home with our own kids, and they still need our help. And we did plan to pay off that mortgage. But many of us got delayed because we moved or needed to take out a second loan. Years passed, but we did not outgrow our need for a life insurance policy.
You may also think that we should already have coverage by the time we get to middle age. Most of us did have some sort of policy in our lives. But our term policies may have expired after 20 or 30 years. Thankfully we outlived them! Or we may have had coverage from a group policy at work. But we left that job long ago because we quit or retired. So now we find ourself older, but without any coverage.
What life insurance should older people look for? Before you buy anything, you should think about why you want to buy a policy. Do you just want coverage to make sure your kids or spouse have money? Or do you want to build an asset that may help you in the future? Finaly, you may want to use your policy to help transfer wealth to your family?
If a person is sure they just want coverage, they may consider another term policy. It will probably be much cheaper than whole life. A middle aged person, or even a younger senior, may still find affordable term life. These lower premiums are important to consider.
If you are sure you want term now, you may look for a policy you can convert to whole life later. This gives you the benefit of buying lower priced coverage today, but also being able to change your mind in a few years if things change. You should not have to answer more health questions to convert the policy. Since none of us are totally sure how things will be in 10 or 20 years, this is a good feature to have.
But some people would want to consider whole life now. The premiums at 50 will be cheaper than they will be at 65, and the price will stay level. You get lifetime coverage, and even the chance to build the cash value of your policy. Being able to borrow against that value, cash it in, or use it for senior life settlements, may make this attractive.
You probably want to compare premiums too. No policy will do you any good if you cannot pay for it. A financial or insurance professional should be able to help you explore your options. They should be willing to listen to your needs, and then offer you alternatives.
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